Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

AUD/JPY: buy target - 93.00

By: Dmitriy Chernovolov

  • AUD/JPY reached buy target 92.00
  • Next buy target - 93.00

AUD/JPY has been rising strongly in the last few trading sessions and earlier reached the resistance level 92.00, which is the first of the two buy targets set in our previous forecast for this currency pair (92.00 and 93.00). The price is currently trading close to this resistance level (standing near the 38.2% Fibonacci Correction of the previous sharp downward impulse wave 1 from May).

If the pair breaks above the resistance level 92.00 - AUD/JPY can then be expected to rise further to the next buy target at the resistance level 93.00 (standing near the 50% Fibonacci Retracement of the aforementioned downward impulse 1).

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